15 July 2020
As referred to in LandlordToday last week, the UK buy-to-let market is now showing signs of recovery after COVID-19 affected the industry.
The positive growth in the sector has revealed an increase in the amount of choice available for buy-to-let landlords looking to borrow to invest. Andrew Milnes, Business Principle and Mortgage Advisor at Mortgage Advice Bureau says, "Now is the time for active, professional landlords to look to expand their portfolios. With interest rates at record lows and a wider variety of buy-to-let mortgage options available which, tied in with the current tenant demand for property, makes for an encouraging for time to invest."
Andrew continues, "If you are considering your options and looking to re-mortgage your property, we advise seeking professional independent advice from a Mortgage Advisor who should be able to give you options relating to your individual needs and criteria."
Linley & Simpson are seeing an influx of activity for the rental market since lockdown measures have begun easing. David Mear, Head of Lettings across the entire Linley & Simpson branch network, says, "The surge of new enquiries for properties available to rent demonstrates that the public are ready to return to normality as soon as possible. We are also receiving calls from landlords who have properties available to rent immediately for which, due to strong levels of demand, we have been able to find suitable tenants for immediate occupation. We surpassed 2019 enquiry levels in the first half of 2020, showing the demand is still very much there and this trend is continuing."
Whilst the current situation around COVID-19 has influenced business practice, Linley & Simpson remain fully operational to serve the needs of all their clients and support the current market conditions. David continues, "We have increased our use of video tours where possible and our new remote working practices have allowed for new tenancies to be organised without any physical contact with the customer. Our teams are also wearing the appropriate PPE to accompany physical viewings along with other necessary changes being made during a viewing to ensure safety."
Expanding your investment portfolio
David Waterhouse, Linley & Simpson's in-house ARLA property mark representative and investment consultant says, "These have been and continue to be unprecedented times, but with uncertainty comes opportunity. The recent announcement by The Chancellor has opened a window to property investors to make a genuine and real saving, on what has previously been an unavoidable cost - the lifting of the 'nil rate band' for SDLT to £500,000 until 31 March 2021 represents a saving of £5,000 on a property valued at £300,000.
"The market for rental property across the Linley & Simpson's areas of operation continues to be very strong and covers all types and styles of properties. The business also has a full range of tenants, from young professionals and young families who are struggling to get on the property ladder themselves, to 'The Silver Renter' looking to downsize.
"If you are considering your options and want to look at whether now might be the right time for you consider a property investment, or additional property investment, I would advise arranging a consultation with an investment specialist to discuss all your options."
Linley & Simpson have a range of Buy-to-let investment properties currently on the market, including the below:
Saxton Apartments, Leeds City Centre, £165,000
Currently tenanted until August 2020 at £850 pcm
For more information please click here.
Main Street, Shadwell, £240,000
Potential rent of £995 pcm
For more information please click here.
Cecil Court, Harrogate, £230,000
Potential rent of £795 pcm
For more information, please click here.
Looking to re-mortgage your property? Click here to speak to one of our Mortgage Advisors from Mortgage Advice Bureau.
Looking to expand your rental portfolio or invest in property? Click here to arrange a call with our in-house ARLA Property Mark representative, David Waterhouse.